2025-12-30 09:00:40

#美国证券交易委员会代币化股票交易方案【Hashrate hits a new high, but miners are losing money—this is no coincidence】

There is a very distorted phenomenon happening in Bitcoin mining right now.

Hashrate is skyrocketing, and mining machines are being sold at bargain prices. It looks like business is booming, but in reality, miners are bleeding.

Let's look at the numbers first. In August 2025, the total network hash rate of Bitcoin first surpassed 1 ZH/s, and by December, it stabilized around 1.1 ZH/s. To put it simply— the global network is performing 110 quintillion hash calculations per second. The network is becoming more secure, and competition is intensifying.

But here’s the problem.

Mining machine prices have fallen to $3/TH/s, which seems like a bargain. However, miners’ average daily revenue has already dropped below $40, which is a death line for them. No matter how cheap the machines are, installing them still results in a loss.

To gauge how miners are doing, one indicator is enough—hash price. Currently, it’s only $35-38/PH/day. The industry’s widely accepted breakeven point is $40. In other words, every kilowatt-hour of electricity is being used to mine for exchanges, while miners are losing money themselves.

Why is this happening? It’s not a technical problem, but a structural one. New mining machines are continuously coming online, while old ones haven’t fully phased out. The costs of energy and equipment depreciation are hitting miners simultaneously. The result is: the network is becoming more secure, but miners’ livelihoods are getting harder and harder.

So, what’s truly worth watching is not how much more hash power can grow, but—how miners will clear out their positions in the coming period. This often marks the beginning of the next wave of market movement.

$BTC $ETH $BNB

BTC0.3%

ETH0.45%

BNB0.23%

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SchrodingerGas

· 1h ago

This is a classic prisoner's dilemma, a deadlock in the computing power arms race. Miners are forced to participate; whoever shuts down first will be the first to fail.

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PrivacyMaximalist

· 1h ago

Miners are bleeding, the network is sucking blood, how twisted is this cycle? --- Cheap mining machines can't save the situation, this is the real danger signal. --- Once the $40 line is broken, the liquidation will begin, and that's when the bottom-fishing opportunity arises. --- Hash rate hitting a new high = miners hitting a new low, a perfect match. --- Hash price has become so bad, and there are still people entering the market—truly courageous. --- Energy costs haven't decreased, mining machines are piling up, and miners are the big losers caught in the middle. --- When miners are widely liquidated, let's see who can laugh last.

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TokenomicsDetective

· 1h ago

Miners are really incredible. Losing money on mining—who can withstand that? --- New hash rate highs but actually losing money? That logic is a bit crazy... --- Hash price drops below 40 and it's game over. Now it's just over 35, miners are directly socially dead. --- New machines haven't paid off yet, and old machines are depreciating. Who can withstand this double blow? --- The real entry point is when miners are massively cleared out, right? --- How did the industry become like this? The safer the mining, the worse off the miners are.

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ILCollector

· 1h ago

Miner losses are huge, exchanges are smiling... this is the reality --- Another wave of reshuffling, small miners really can't hold on --- Breaking below the $40 line, how many mining farms will have to shut down... --- So cheap mining machines are just traps, buying them actually leads to more losses --- A new high in hash rate should be a warning, this is a dangerous signal --- Structural problems are more deadly than technical issues, those who understand know --- Miner liquidation is the real next opportunity point, this logic is sound --- Every kilowatt-hour is working for the exchange, it's a bit ironic --- New machines haven't exited the market, old machines are still online, this double attack is indeed tough --- Waiting to see how miners exit, that's when the show begins

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